Effective Risk Management System Research Articles

Effect of Financial Metrics on Risk Indicators in Nigeria Listed Deposit Money Banks

This study investigates the effect of financial metrics on risk indicators in Nigerian deposit money banks. The analysis employs yearly time series data spanning from 2007 to 2022, acquired from the Exchange Group PLC. Descriptive statistics, panel unit root tests, Hausman tests, and Panel Ordinary Least Squares (OLS) procedures were used at a 95% confidence interval. The study utilized secondary data sourced from the Exchange Group PLC database. The R-squared (0.564390) and Adjusted R-squared (0.540629) values indicate that the models have strong explanatory power. The results show that all variables are stationary at their levels (I(0)). The primary financial metrics influencing risk indicators among deposit money banks in Nigeria are revenue growth, net interest margin, and earnings per share. It was recommended that banks should implement effective risk management systems that can handle increased complexity and scale of operations, and regularly update them, leveraging blockchain technology for decentralized risk management as it relates to revenue growth rate of banks. Maintain a healthy net interest margin through effective risk management practices and internal controls, and utilize this strength to invest in risk mitigation measures, introducing incentive programs to encourage employee involvement in risk management. Conduct regular financial reviews and audits to ensure accurate earnings reporting and risk identification, utilizing AI-powered tools for earnings analysis to identify anomalies and potential risks. Prioritize prudent lending practices and effective risk management to maintain financial stability, implementing dynamic adjustments to the debt-to-equity ratio in response to changes in risk detection needs.

Research on Enterprise Financial Information Risk Identification and Dynamic Control Management Model Based on Genetic Algorithm

In the contemporary global economic landscape, the imperative for enterprise financial informatization as a catalyst for efficiency, cost reduction, and innovation is evident. However, the deepening integration of informatization introduces corresponding risks, necessitating the establishment of effective risk management systems. This paper proposes a genetic algorithm-based model for enterprise financial informatization risk management, aiming to offer precise and actionable solutions. The study integrates genetic algorithms to enhance the adaptability and flexibility of the risk management model in the dynamic information environment. Through in-depth research on corporate financial informatization risks, a multi-dimensional risk management control model is constructed, considering technical, organizational, and environmental factors. The genetic algorithm introduces a new perspective for model optimization, enabling efficient search and optimization capabilities. The model not only identifies but also controls and governs risks, providing timely intervention and effective risk management. Moreover, the genetic algorithm facilitates intelligent decision support for risk management by adapting to changing environments. Empirical analysis validates the model’s feasibility and effectiveness in real enterprise cases, emphasizing its practicality.

THE INFLUENCE OF CRITICAL RISKS ON THE MECHANISM OF DEFENCE RESOURCE MANAGEMENT

The continuation of warfare in the territory of the country causes many economic, environmental and social problems. That is why it is important to study the influence of critical risks on the mechanism of managing defence resources, which the state’s ability to withstand in difficult times and to ensure the protection of state borders depends on. The main purpose of the paper is the evaluation of scientific and practical principles of determination and analysis of critical risks in the defence industry.Subject to the foregoing, the paper investigates the main scientists’ approaches to the definition and classification of critical risks, which affect the mechanism of defence resource management. It also provides a multiple-factor analysis of critical risks, which affect the mechanism of defence resource management. An effective system for managing critical risks that affect the mechanism of defence resource management was developed in the work. It gives recommendations aimed at reducing the degree of influence of critical risks on the mechanism of defence resource management.The study uses general and special methods of scientific research, in particular, the method of scientific abstraction to timely find and use in practice the indicators of evaluation of critical risks and effective methods of their reduction; the methods of comparative and structural factor analysis to evaluate the indicators under study; the method of logical generalization to provide directions and recommendations for reducing the influence of critical risks on the defence resource management system.The paper is the first to comprehensively analyze the influence of critical risks on the mechanism of defence resource management. The authors highlighted the concepts of responding to critical risks that influence the mechanism. The practical importance of the paper is that the introduction of an effective critical risk management system will allow improving the efficiency of this mechanism.

Application of the occupational health risk assessment model in predicting the risk of noise-induced hearing loss in noise-polluted manufacturers in southern China

Objective. This study aimed to evaluate the correlation between occupational noise-induced hearing loss (ONIHL) and noise exposure in different positions within manufacturing facilities that primarily produce electronic devices, wooden furniture and hardware machinery in southern China and to investigate the practical application of the risk assessment model. Methods. Noise exposure data were collected from 115 workers in 10 manufacturing industries in southern China through on-site investigation. Subsequently, sample testing was conducted in accordance with Chinese standards. The 31 job positions investigated were classified into two similar exposure groups (SEGs). The occupational health risk assessment (OHRA) model was used to evaluate the risks of ONIHL in various job positions. Results. More than half of the positions in both groups had noise levels exceeding 85 dB. In both SEGs, male workers exhibited similar risk patterns of acquiring hearing impairment, with a more pronounced and earlier risk of hearing loss compared to female workers. Age was also found to be a risk factor for hearing impairments. Conclusion. The ORHA model demonstrated a positive correlation between noise exposure levels and NIHL. This model can help employers assess job management with noise exposure and take measures to implement an effective risk management system.

THE ROLE OF RISK MANAGEMENT IN ENSURING THE FINANCIAL STABILITY OF ENTERPRISES UNDER FORCE MAJEURE CIRCUMSTANCES IN FOREIGN ECONOMIC ACTIVITIES

The article examines the influence of the modern globalized economic environment on the activities of enterprises operating in the field of foreign economic activity and facing a large number of risks in the course of their operation, in particular due to the influence of force majeure circumstances. The importance of risk management for ensuring the financial stability of enterprises in the conditions of increasing risks and threats to economic activity is determined. The impact of risk management on the financial stability of enterprises in foreign economic activity, especially in cases of force majeure, is studied. It has been proven that risk management in the context of foreign trade involves the identification, assessment, management and monitoring of risks that may arise. It has been determined that effective risk management allows business entities to properly adapt to changes in the economic environment and reduces the likelihood of financial losses in the event of force majeure events, such as the cessation of trade, sudden changes in exchange rates, or military or political crises. Strategies for including risk management in the management processes of enterprises based on analytical assessments and practical experience of ensuring financial stability are considered. Methods of risk identification, development of risk minimization strategies and mechanisms of risk control during foreign economic operations were studied. The objective necessity of forming an effective risk management system in the management mechanism of economic entities to ensure the financial stability of enterprises in foreign economic activity, especially in connection with force majeure circumstances, has been proven. The issue of implementing risk management at the level of strategic and operational management of enterprises is considered. Methods of risk forecasting, analysis of their impact on financial indicators and development of effective action plans to reduce possible negative consequences of exposure to risks and threats were analyzed. The necessity of introducing international risk management standards into the activities of Ukrainian enterprises, which contribute to increasing their level of competitiveness and compliance with international requirements, has been proven. The need for constant improvement of the risk management system and the introduction of corrections in enterprise management strategies, taking into account changes in the external environment, was identified. It is proposed to introduce approaches to the management of enterprises focused on effective management of financial risks in force majeure situations in order to ensure their financial sustainability and stability.

THE COMPARATIVE ANALYSIS OF METHODS FOR ASSESSING THE IMPACT OF OPERATIONAL RISK ON BANKS' CAPITAL

The aim of the study is to compare international and national approaches to measuring the impact of operational risk on bank capital, to identify the advantages and the level of complexity of each approach, and to reveal the level of strain on banks' regulatory capital. The study found a significant impact of operational risk on the sufficiency of banks' capital, highlighting the need to form substantial capital reserves to absorb potential losses. A detailed comparative analysis of banks, including PrivatBank, Oschadbank, and Ukreximbank, indicated a significant influence of the size of banking assets on the amount of capital under operational risk. The study revealed differences in measuring the impact of operational risk on the regulatory capital of a bank depending on the use of international (BIA, TSA) or national approaches to assessing potential losses. The results of the study show a substantial difference in the assessment of reserves under operational risk using international and national approaches. This difference indicates the need for a more harmonized approach to the assessment and management of operational risk in the banking sector. The national approach to assessing reserves under operational risk creates more strain on banks' capital compared to international approaches. It was determined that the most significant difference in assessing the minimum capital for covering operational risk is observed between the international approach BIA and the national approach. It was established that the banks' priority task is to minimize reserves under operational risk in order to reduce the strain on bank capital, which can only be achieved by building and maintaining an effective operational risk management system by the banks.

Development of A Risk Management System To Reduce The Impact of Cyber Threats

Cyber threats are one of the main issues in the digital era. Cyberattacks can result in financial, reputational and even operational disruption for organizations. In an effort to overcome this, organizations need to have an effective risk management system to identify, assess and manage cyber risks. The aim of this research is to determine the effectiveness of a risk management system that can help organizations reduce the impact of cyber threats. This study used qualitative research methods. The data collection technique in this research is literature study. The data that has been collected is then analyzed in three stages, namely data reduction, data presentation and drawing conclusions. The research results show that developing an effective risk management system is an important step for organizations in reducing the impact of cyber threats. A good risk management system can help organizations protect information assets, increase cyber resilience, and build customer trust.

РИСКОВАЯ СРЕДА РОССИЙСКИХ ПРЕДПРИЯТИЙ НЕФТЕГАЗОВОЙ ОТРАСЛИ

The scientific article is devoted to an overview of the current risk environment of the Rus-sian oil and gas sector. Based on statistical data, it is shown that oil and gas enterprises make a significant contribution to the GDP of the Russian Federation, to the formation of the country’s budget, while soon, the importance of the oil and gas industry in both the domestic and global econ-omies is not expected to decrease. Nevertheless, there is an obvious trend towards a decrease in the share of oil and gas budget revenues since 2014, as well as their absolute value. As a result of the analysis of scientific sources, it was revealed that the functioning of oil and gas enterprises is accom-panied by a wide range of risks of various nature. The author has reviewed the risks characteristic of oil and gas industry enterprises, considered some approaches to their classification, most studies highlight technological, personnel, geological, environmental, price, financial, investment, regula-tory, and political risks. According to insurance companies, the most significant damage is caused by the implementation of man-made risks. The accumulated risk management experience has allowed Russian oil and gas sector enterprises to form effective integrated risk management systems. At the same time, there is an increase in uncertainty about the operating conditions of oil and gas enterprises in Russia, due to a significant increase in sanctions pressure on the industry after Febru-ary 2022. The sanctions significantly limit the opportunities for trade in products of Russian enter-prises in the oil and gas sector, and erect barriers to the innovative development of the oil and gas industry in Russia. Nevertheless, enterprises, with the support of the state, managed to reduce the negative impact of sanctions risks by redirecting their flows mainly to Asian markets, using parallel import technologies for critical oilfield service infrastructure and transfer of critical technologies. This will partially reduce the increase in the technological lag of the industry in the face of sanctions, however, given the continued high level of geopolitical risks in the foreseeable future, a prerequisite for the successful development of Russian oil and gas enterprises is the activation of import substi-tution processes, as well as ensuring interaction with high-tech enterprises of the military-industrial complex.

ANALYSIS OF RISKS IN THE FINANCIAL SECURITY MANAGEMENT SYSTEM OF BUSINESS ENTITIES

Financial and economic activity is exposed to numerous systemic risks, which are a threat to the financial security of enterprises. The criterion for ensuring financial security is the appropriate level of the company's financial condition. The financial condition of the enterprise is a complex concept and is characterized by the system of indicators – financial coefficients: indicators of liquidity, financial stability, business activity, and management efficiency. The interrelationship and mutual determination between the indicators that cause the occurrence of risk when one of them changes is established.A range of factors that comprehensively characterize the financial and economic activity of the enterprise has been determined and developed risk analysis and assessment methodology, which includes the following stages: preparatory stage; construction of an algorithm for quantitative assessment of risk in the financial security system; interpretation of the results of an integrated risk assessment in the financial security system; determining the priorities of risk management in the system. The methods of financial analysis (horizontal, vertical, coefficient, analysis of business activity and financial stability) were applied and a quantitative assessment of risks was carried out. The indicators-coefficients of the enterprise's functioning are calculated and given an interpretation.The conclusion was formed that the construction of an effective risk management system and its universal functional component of risk analysis are current issues, as they allow to develop a set of measures to minimize threats and risks of conducting financial and economic activities of economic entities. Therefore, the correct assessment of risk with the help of the proposed methods and models of financial analysis for individual economic situations and business entities is effective and has value, as it gives the opportunity to make the optimal decision in specific situations and characterizes the criterion feature of financial security of industrial enterprises – liquidity, financial stability, business activity, profitability.

The Use Of Mathematical Tools Of Reliability Theory In The System Of Economic Security Of An Industrial Enterprise

Introduction: This research uses mathematical tools of reliability theory in an industrial enterprise's economic security system. The authors argue that a highly effective risk management system is essential for ensuring the necessary level of economic security for any business entity. The study aims to substantiate the necessity and expediency of using the characteristics and indicators of reliability theory in an industrial enterprise's economic security system. Theoretical framework: The study is based on the theoretical framework of reliability theory, which provides mathematical tools for analyzing and managing risks. The authors discuss the most critical indicators of reliability theory, including the value of reliability, the failure rate of risk events, the time to failure, the time-to-failure density, and reliability. Methodology: The study employs a qualitative research methodology, which involves a comprehensive review of the literature on the use of reliability theory in an industrial enterprise's economic security system. The authors analyze the literature to identify the key components of an industrial enterprise's highly effective risk management system. Results and Discussion: The study finds that using mathematical tools of reliability theory can significantly enhance the effectiveness of risk management systems in ensuring economic security for industrial enterprises. The authors identify several key components of a highly effective risk management system, including systematic monitoring of the competitive environment, continuous assessment of the place of the enterprise in the market and its respective segments, and the use of reliability theory to analyze and manage risks. Conclusion: The study concludes that using mathematical tools of reliability theory can provide valuable insights for developing effective risk management systems in an industrial enterprise's economic security system. The authors recommend that industrial enterprises adopt a proactive approach to risk management, which involves continuous monitoring and analysis of risks, and use reliability theory to manage risks effectively.

Methodological Approach to the Analysis and Assessment of Professional Risks

An analysis implementing the requirements of regulatory legal acts on the assessment of professional risks was carried out. It is noted that the current regulatory legal acts regulate various approaches and methods of defining the same concept: the professional risk of an employee. The authors of the article propose a methodological approach to assessing occupational risks, which allows developing specific measures to prevent occupational injuries, occupational diseases and introducing an effective risk management system at enterprises. The proposed methodological approach is a combination of expert, probabilistic and statistical research methods of identifying potential hazards, analyzing their sources and establishing a set of criterion parameters and their values for risk assessment. The article presents the results of studying and assessing professional risks carried out for an organization performing non-destructive testing work on the main pipeline transporting oil and oil products. Multifactorial models are presented for determining the danger of falling of defect evaluators at the workplace and severity of the consequences of implementing hazards.

Efficacy of Enterprise Risk Management in Enhancing Sustainability and Financial Performance in the Solar PV Industry: A Conceptual Framework

As an alternative to fossil fuels, solar PV electricity can help mitigate global warming and improve the environment by lowering greenhouse gas emissions (GHG). More nations have developed programs to encourage the production and use of PV electricity, considering the potential of renewable energy for sustainable development. The government of Malaysia wants solar PV to be the primary source of renewable energy by 2030. To reduce global warming, renewable energy technology must be implemented more widely. However, the production of solar photovoltaic modules raises serious sustainability concerns. These concerns include using conflict minerals, toxicity, and limited supply or supply chain governance risks of rare materials. Even though solar energy projects are technically feasible, stakeholders still view the region’s initiatives as risky due to ongoing governance problems. Domains related to solar project deployment that involve installation, operation, and management are particularly susceptible to governance issues, such as a lack of accountability and transparency. Renewable energy investments upfront are risky and expensive. Risks in the solar PV value chain include subpar design and manufacturing decisions, inventory losses, quality problems during the execution process, and cultural and societal problems brought on by the absence of an effective risk management system. This study thus investigates how the implementation of ERM influences the company’s financial performance. Enterprise Risk Management (ERM) is a technique that regulates, and coordinates offset risks all over the firm to manage and integrate all risks holistically. As a result, this paper provides a conceptual and theoretical framework for how corporations use risk management to lower the cost of capital and improve sustainable development in the solar PV industry. The suggested theoretical and conceptual framework, supported by stakeholder and legitimacy theory, provides a foundation for empirically validating the entangled interaction between the relevant variables. It is advocated that measuring variables such as enterprise risk management, financial performance, and sustainability performance be based on previous research and frameworks and recommendations produced by major organizations. The purpose of this paper is to guide Malaysian solar PV companies in the implementation of sustainability and risk management.
 Keywords: enterprise risk management, sustainability, solar PV, financial performance

Moderating Effect of Interest Rate on the Relationship between Camel Rating Model and Financial Stability of Commercial Banks in Kenya

The study sought to assess the moderation effect of interest on the relationship CAMEL rating system and financial stability of commercial banks in Kenya. The paper originates from the Doctoral dissertation of the first author in which the co-authors served as supervisors. Causal research design was utilized and a census of forty-one commercial banks in Kenya was undertaken for the period 2013 to 2019. Information asymmetry theory and liquidity shiftability were utilized. Interest rate insignificant moderated the nexus between CAMEL rating variables and financial stability with the exception of asset quality. Interest rate only moderated asset quality and financial stability nexus significantly. It was recommended that the Central Bank of Kenya set interest rates in view of the prevailing economic situation. The study further puts forward the recommendation that commercial banks should strive towards reducing non-performing loans which can be through the setting up of effective credit risk management systems. Credit monitoring can be done in order to ensure that loans granted are utilized for the intended purposes. In time of difficult financial conditions, loan restructuring can be considered.

Concepts, Uncertainties, and Reaction to Financial Risk in the Sudanese Manufacturing Sector

The study aimed to highlight the uncertainties about, reactions to, and perceptions of the financial risks which prevail in the manufacturing sector in Sudan. The study adopted the descriptive analytical approach to examine the coherence between concepts, reactions, and doubts to manage financial risks in the Sudanese manufacturing sector. Manufacturers from Khartoum were asked to fill out the study questionnaire. At a later time, responses were analyzed using the statistical package for the social sciences (SPSS) version 22.0. The results chiefly focused on developing an effective risk management system in the manufacturing sector. The study on the other hand focused on identifying the manageable financial risks that the manufacturing sector in Sudan suffers from. The potential results showed that 95.6% of manufacturers believe that effective risk management is combined with appropriate financial management. Moreover, 3.1% of manufacturers considered risk management as a separate function. While 1.3% believe that risk management is related to the rate of production in the manufacturing sector. The main uncertainties prevailing in the Sudanese manufacturing sector were due to low manpower, machinery, and low-quality materials.

The impact of financial technology and risk management practices on corporate financial system profitability: evidence from Kuwait

A vital element of the stability of banking institutions is the presence of an effective risk management system, as well as the financial stability of the corporate sector of the economy in terms of the fulfilment of assumed credit obligations. This study investigates the relationship between financial technology (Fintech) adoption, risk management practices and corporate profitability in Kuwait. The object of the study was 62 industrial enterprises registered on the stock market of Kuwait as of 2022. Methods of descriptive statistics, least squares method for estimating regression model parameters, and correlation analysis served as methodological tools of this study. This study aims to overcome the gaps in theoretical justification and empirically prove the existence of a relationship between the implementation of financial technologies and risk management methods. The results showed a positive correlation between the development of financial technologies and return on assets (correlation coefficient 0.6540), which indicates that implementing innovative financial technologies will contribute to improving the efficiency of banking institutions. The strong and positive correlation between the effectiveness of risk management and the profitability of business entities emphasizes the importance of responsible risk management practices for increasing banking institutions’ profitability. Based on the results of building a regression model, it was established that fintech has a significant impact on indicators of the return on equity of economic entities (р<0.050, t = 1.7700). The originality of this study lies in its focus on Kuwait and the Middle East as a whole and in its exploration of the relationship between corporate financial system profitability, risk management strategies and Fintech adoption. The use of innovative technologies (advanced analytics, artificial intelligence and blockchain) increases the effectiveness of risk management, which contributes to rational decision-making and a better understanding of the banking institution’s potential risks and development opportunities. This study contributes significantly to the existing literature by highlighting the relationships between financial technology innovation adoption, risk management and business financial performance in a market environment in the Middle East.

Digital Twin Smart Cities for Disaster Risk Management: A Review of Evolving Concepts

Natural hazard-induced disasters have caused catastrophic damage and loss to buildings, infrastructure, and the affected communities as a whole during the recent decades and their impact is expected to further escalate in the future. Thus, there is a huge demand for disaster risk management using digitalisation as a key enabler for effective and efficient disaster risk management systems. It is widely accepted that digital and intelligence technologies can help solve key aspects of disaster risk management such as disaster prevention and mitigation, and rescue and recovery. Digital Twin (DT) is one of the most promising technologies for multi-stage management which offers significant potential to advance disaster resilience. Smart Cities (SCs) use pervasive information and communications technology to monitor activities in the city. With increasingly large applications of DTs combined with big data generated from sensors in a SC, it is now possible to create Digital Twin Smart Cities (DTSCs). Despite the increasing prevalence of DTSC technologies and their profound impact on disaster risk management, a systematic and longitudinal view of the evolution to the current status of DTSC for disaster risk management does not exist. This review analyses 312 titles and abstracts and 72 full papers. To begin with, a scientific review of DT and SC is undertaken, where the evolution of DTSCs is reviewed. In addition, the intelligence technologies used in DTSCs for disaster risk management are assessed and their benefits are evaluated. Furthermore, the evolution and technical feasibility of DTSC-driven disaster risk management is evaluated by assessing current applications of DTSCs in disaster risk management. It was found that despite the significant potential benefits offered by DTSCs, they also add a new layer of complexities and challenges inherent to these technologies to the already complex web of complexities involved in disaster risk management. These challenges can be addressed by understanding how the process of utilising DTSCs in disaster risk reduction and sustainability is designed, which is essential for comprehending what DTSCs may offer, how it is implemented, and what it means to all involved stakeholders. This paper contributes to the knowledge by improving the understanding of the current status of DTSC technologies and their impact on disaster risk management, and articulating the challenges in implementing DTSC, which inspires the professional community to advance these technologies to address them in future research.

Enhancing the Competency Development Program for New Recruits: A Case Study at Internal Audit & Risk Management Function

The pandemic created unsettling vulnerability as organization accelerated the shift to digital operations. One bright spot is that asset misappropriation, while still a top category of fraud, was down in the last 24 months perhaps due to more employees working remotely, with limited access to company assets. At the same time, remote working increased risks beyond just digital security. Hence, it is important to have effective internal controls to identify and prevent any kind of fraud. The increasing need for recruiting strong internal audit and risk management functions especially in public company is due to several factors, including increased regulatory scrutiny, greater stakeholder demands for transparency and accountability, and the growing complexity of business operations. With the increasing number of public companies, there is a greater need for effective internal controls and risk management systems to ensure financial reporting accuracy, prevent fraud, and meet regulatory requirements. Internal audit and risk management improve governance, decision-making, and identify risks for organizations. Strong functions require adequate manpower, trained personnel, and resources for effective performance. Group Audit and Risk Management (GARM) in one of public company, working on Internal Audit and Risk Management (IARM). To ensure GARM fulfils its responsibilities as a corporate center, they define Key Performance Indicators (KPIs) that are reviewed semi-annually by the Board of Directors (BOD). Unfortunately, one of the KPIs related to advisory and supporting roles, namely supporting the fulfilment of Group IARM manpower requirements, has not been met since 2013. The purpose of this study is to identify the root cause of the decrease in new recruit manpower fulfilment requests from Internal Audit and Risk Management functions in subsidiaries company and enhance the existing competency program in order to increase participation from Internal Audit and Risk Management functions. Using design thinking method and conducting in depth interview author may determine framework to enhance the programs that are more relevant to the competency needs.

Features of financial risk management of the enterprise in the conditions of transformational changes

The subject of the research is theoretical and methodological approaches to the management of financial risks of the enterprise. The purpose of the article is to study the essence of the concept of "financial risk", the factors of financial risks and the identification of the peculiarities of the management of financial risks of the enterprise in the conditions of transformational changes. Method or methodology of research. In the article, a set of methods of scientific knowledge was used to solve the tasks, which made it possible to realize the conceptual unity of scientific research. System method, method of generalization, methods of analysis and synthesis, comparison, scientific abstraction are applied. Results of the article. The article discusses approaches to defining the concept of "financial risk". Factors of financial risks of the enterprise are systematized. The need to manage the company's financial risks in conditions of transformational changes has been identified. Peculiarities and stages of financial risk management of the enterprise are studied. The conceptual principles of financial risk management of the enterprise in the system of its financial security are proposed, which will contribute to the application of risk neutralization methods and thus ensure the profitability of the business entity and a high level of financial security. Field of application of results. The results of the study can be used by enterprises in the development or modernization of the financial risk management system. Conclusions. In the conditions of instability and variability of the external economic environment, an effective financial risk management system of an enterprise has a positive effect on its financial and economic activity. In particular, it provides a set of measures to reduce the negative impact of financial risks on the results of the business entity and ensures the strengthening of its financial security in the conditions of transformational changes.

CRM-SYSTEMS IN MARKETING RISKS MANAGEMENT OF BANK`S RISK PROTECTION PROJECTS

The article examines the theoretical, methodological and practical aspects of the formation of information and analytical support for marketing risk management of risk protection projects of a commercial bank in the conditions of modern challenges of the uncertainty of the marketing environment and global digital transformations. Requirements for an effective bank risk management system based on modern technological tools and innovative methodological approaches are formulated. The directions of the transformation of risk management paradigms were analyzed, the expediency of a systemic multidimensional approach to the implementation of integrated risk management based on modern international regulatory standards was clarified. The need for the convergence of project management methods in risk management for better prioritization of risks, consistency with the strategic goal of activity, and planning of steps to optimally achieve the goal is substantiated. The marketing orientation of bank risk protection projects is revealed. It is proposed to expand the list of banks' risks and to transform the weighting coefficients of the existing ones in the conditions of innovative technological transformations in order to strengthen socio-ecological responsibility to society. Particular attention is paid to determining the place of marketing risks in the management system of banks, as a critical element of an effective risk management model. The direction of improving the information and analytical support of the bank's risk protection projects through the implementation of CRM systems as an information communication tool and an information source on marketing risk management is proposed.

IMPROVEMENT OF RISK MANAGEMENT SYSTEMS OF TOURISM ENTERPRISES

The article analyzes the existing risk management systems of tourism enterprises. The need to identify risks and assess the riskiness of situations has been revealed, which in turn will help to make effective management decisions in a timely manner. The main sources of the origin of risks, their role, as well as the factors affecting risk management in the tourism industry are determined. Approaches to defining the concept of risk management at tourist enterprises are analyzed, as well as a set of methods, techniques and measures that allow to predict to a certain extent the occurrence of risky events and take measures to eliminate or reduce the negative consequences of the occurrence of such events. An efficient and effective system of risk management of the activities of tourist enterprises was built on the basis of the conducted research due to a balanced combination of identification, countermeasures and prevention of the occurrence of risks in the future, due to the use of intellectual capital of the management staff of the tourist enterprise. tourism enterprise, ways to minimize the consequences of future risk events, a multi-level concept of risk management based on the implementation of integrated risk management systems at the enterprise. It has been proven that an important stage of the implementation of the risk management system of tourism enterprises is the assessment of the risk at the time of implementation and forecasting its value for future periods in accordance with the given criteria of importance. This will make it possible to assess the trend towards a general reduction of the risk of the enterprise's tourism activity in the long term. It was determined that the implementation of an effective system of activity risk management will allow simultaneous analysis of a large number of individual risks and the degree of their influence on the development of the risk situation. It was concluded that the risk management system takes into account the specific features of the industry and can serve to increase the stability of organizations, primarily financial.